1. Introduction Part 1: Exchange Rates and Open-Economy Macroeconomics 2. National Income Accounting and the Balance of Payments 3. Exchange Rates and the Foreign Exchange Market: An Asset Approach 4. Money, Interest Rates, and Exchange Rates 5. Price Levels and the Exchange Rate in the Long Run 6. Output and the Exchange Rate in the Short Run 7. Fixed Exchange Rates and Foreign Exchange Intervention Part 2: International Macroeconomic Policy 8. International Monetary Systems: An Historical Overview 9. Financial Globalization: Opportunity and Crisis 10. Optimum Currency Areas and the Euro 11. Developing Countries: Growth, Crisis, and Reform